Welcome to the Assel Gold wholesale and bullion market report for Thursday July 24, 2026, serving our trade partners and bullion clients across the UAE. Spot gold fell about 2% to around $4,050 per ounce, retreating below $4,100 from a two-week high after US jobless claims hit their lowest level since 1969, reviving rate-hike expectations. This report covers the spot market, the drivers, and the outlook relevant to wholesale buyers, bullion investors, and trade partners, ahead of next week’s Federal Reserve decision.
Spot reference prices (indicative, wholesale basis):
Gold spot: ~$4,050/oz | 24K: ~$130.20/gram | 22K: ~$119.35/gram | 21K: ~$113.95/gram | 1 kg gold bar: ~$130,200
Silver spot: ~$58.31/oz | Gold/silver ratio: ~69 | Brent crude: ~$97.67 | WTI: ~$89.76
Premiums over spot apply to physical bullion bars and coins and vary by product, form, and quantity.
Market drivers:
Gold’s pullback was driven by a sharp shift in rate expectations. US initial jobless claims fell to 187,000 for the week of July 12–18 — down 22,000 and the lowest since 1969, far below the ~210,000 consensus. A strong labor market gives the Fed room to keep policy tight, especially with oil elevated (Brent ~$97.67) and inflation a concern. The ECB held its deposit rate at 2.25%, with Lagarde declining to pre-commit and emphasizing the energy-price disruption. The 10-year Treasury yield held firm near 4.70% and the dollar index near 101.39. Positioning turned “less dovish” than the softer June CPI/PPI had implied. Safe-haven demand from the ongoing US-Iran conflict (Hormuz/Red Sea disruption) cushioned the decline but did not prevent it.
Relevance for wholesale and bullion clients:
For wholesale buyers and bullion investors in the UAE, spot near $4,050 sits about 27% below January’s record of $5,597, with gold up roughly 20% year-on-year. The technical picture turned near-term bearish, with the metal below its 50-period moving average (~$4,067); a sustained move above $4,067 would improve the setup, while a break below $4,030 puts the $3,998 support area in focus. Physical demand across the region remains firm. The structural floor is exceptionally strong: central banks bought a net 41 tonnes in May (Poland 18, China 10, Uzbekistan 9, Kazakhstan 7, Singapore 4), and a record 45% of surveyed central banks plan to buy more over the next 12 months — a long-duration strategic bid. Bullion premiums remain elevated on strong physical demand and mine supply growth of just 1–2% annually.
Outlook:
Near-term, gold is likely to remain volatile with a cautious tone into the Federal Reserve’s July 28–29 meeting. A hold is widely expected (CME ~85.6%); the key is whether Chair Warsh treats elevated oil and the strong labor market as grounds for tighter policy (bearish for gold) or looks past them (supportive). Next week also brings US Q2 GDP and PCE inflation, plus Bank of England and Bank of Japan decisions. Support: $3,998, then $3,964. Resistance: $4,067, then $4,139.
Assel Gold is committed to serving our wholesale and bullion clients across the UAE with timely market intelligence and competitive pricing. Please contact us directly for live wholesale quotes and bar availability.
Spot reference: ~$4,050/oz | 24K — $130.20/gram | 22K — $119.35/gram | 21K — $113.95/gram
All prices USD, indicative wholesale basis. Physical premiums apply. Confirm live pricing before transacting.
